Hip Hop Mogul Hits the Money Beat

Don't let the bling-bling fool you, money management is the ultimate bottom line. Those sage words come from Hip Hop king and Phat Farm clothing chief Russell Simmons, who recently spoke about the importance of fiscal planning and credit management at a financial empowerment conference at Morris Brown College.

Responsible money management, Simmons told the crowd of 1,500 should be a priority for teens and young adults.

"They don't need to just pay attention to the bling," he said. "Rappers spending countless money are on television. But in real life, these artists are very responsible with their money."

A free financial management workbook called “Get Your Money Right,” was given to all participants. The workbook -- in Spanish and English -- is available at Hip-Hop Summit Action Network.

The event --part of a national tour -- is orchestrated by the Hip-Hop Summit Action Network (HSAN), with co-sponsers Chrysler Financial, the title sponsor, and Anheuser-Busch.

“With rising tuition costs, the cost of books, gasoline etc. young people can’t afford not to have financial know-how,” said William F. Jones Jr., Vice President – Chrysler Financial.

The Atlanta Hip-Hop Summit was held at "the Atlanta University Center on the grounds of the historic black college, Morris Brown College."

The summit included: "hip-hop stars Jermaine Dupri, Ludacris and Young Jeezy," and others.

For additional reading:

Hip-Hop Summit Action Network (HSAN) news release

AP coverage on Yahoo

Vibe magazine coverage